EIOPA's Project on the Review of the Solvency Capital Requirement Standard Formula Under Solvency II
EIOPA supports a sound process of post-evaluation of the new insurance supervisory regime. One of EIOPA's key objectives is to ensure a rigorous, evidence-based and transparent review of Solvency II.
As part of this process, EIOPA has launched the project dedicated to the review of the Solvency Capital Requirement (SCR) standard formula. This project will answer the two current priorities of the call for technical Advice from the European Commission (EC):
- First, on simplifications and proportionate application of the SCR requirements.
- Second, on removal of technical inconsistencies, i.e. recalibration of certain risks and other technical issues.
- To ensure proportionate and technically consistent supervisory regime for (re)insurance undertakings.
- To look for possible simplifications in the SCR standard formula and to ensure the proportionate application of the requirements.
EIOPA will suggest changes in methods, assumptions and standard parameters as well as additional policy options. During this process, EIOPA will be engaging in a constructive dialogue with stakeholders on an on-going basis.
End of 2016 until beginning of 2017
Calling for information not collected via the reporting templates
Public consultation of a draft discussion paper on the call for advice
July 2017 until February 2018
Analysing annual reporting data only available as of July 2017
Consulting relevant stakeholders
Drafting final technical advice
End of October 2017
Providing technical advice for items where annual reporting data is not required subject that these elements can be amended in EIOPA's final technical advice to be delivered end of February 2018
At the latest on 28 February 2018
Providing EIOPA's final technical advice to the European Commission